Six major crypto IPOs worthy of attention in 2026

As the regulatory environment gradually clarifies and institutional funds accelerate the admission, the encryption industry is ushering in a new round of listing window. Various data shows that the number and size of crypto companies preparing for IPOs in 2026 are significantly higher than in the past, and the protagonists are no longer high-risk speculative projects, but companies that are known for their compliance, risk control and infrastructure capabilities. As early venture capital institutions pointed out, the core advantage of these potential listed companies is that they can efficiently connect traditional balance sheets and on-chain capital flows, becoming a \"bridge\" for institutions to participate in the crypto market. In this context, which companies are most likely to be the first to ring the listing bell in 2026 are becoming the focus of market attention.

1. Kraken

American crypto exchange Kraken is expected to become the largest IPO in the digital asset field next year.

The company secretly filed an S-1 filing with the Securities and Exchange Commission (SEC) in November 2025, with the goal of completing its listing in the first half of 2026.

Kraken doubled revenue to US$1.5 billion in 2024 and received a US$20 billion valuation in a late-stage financing led by Citadel Securities.

Kraken has a \"compliance first\" strategy that has driven its global expansion, including obtaining MiCA licenses in Europe and launching derivatives trading business.

With its diversified revenue structure covering staking, NFT, etc., many analysts regard Kraken as the \"clean\" listing crypto target other than Coinbase.

Co-CEO Arjun Sethi has repeatedly avoided questions about the listing plan and told DL News in September that Kraken is in no hurry to go public.

2. Consensus sys

Crypto infrastructure giant Consensus sys is said to be working with JPMorgan and Goldman Sachs to prepare for an IPO in mid-2026.

The company, which runs MetaMask and Infura, is transforming from a \"software studio\" to a high-margin infrastructure provider.

In 2025, MetaMask will add native Bitcoin support, a strategic move to consolidate its position as a multi-chain wallet.

According to the company\'s disclosure, with more than 30 million monthly active users and a valuation of approximately US$7 billion, Consensus provides pure exposure to encryption software companies to the public market.

It is expected that its prospectus will focus on disclosing the revenue of MetaMask Swaps and the progress of the adoption of its second-layer network Linea on the enterprise side.

3. BitGo

BitGo is expected to become the first major crypto custodian to be listed.

The company, which is backed by Goldman Sachs, has submitted an updated S-1A document in late 2025. It had previously postponed its listing plan due to the U.S. government shutdown. The current goal is to go public in the first quarter of 2026.

BitGo\'s revenue has quadrupled in the past two years, mainly benefiting from the expansion of institutional custody business and compliance pledge services.

In a recent valuation review, BitGo was valued at approximately US$1.75 billion, making it attractive to investors who want to invest in crypto infrastructure targets that are not directly exposed to trading fluctuations.

Its core positioning of \"coincidence rules and strong security\" makes it a popular choice for banks and hedge funds when seeking crypto exposure, while avoiding operational risks.

4. Animoca Brands

Animoca Brands is expected to be listed on NASDAQ in 2026 through a reverse merger with Currenc Group.

The Hong Kong-based company has built one of the largest Web3 game portfolios in the industry, holding stakes in dozens of tokenized games and metaverse projects.

In 2025, Animoca streamlined its operating structure and shifted the focus of its brand narrative to the core value proposition of \"digital property.\"

The listing is seen as a key test to test investors \'real interest in metaverse concepts and game token exposure.

Animoca is expected to be valued at US$6 billion. Whether it can achieve this goal will depend on its ability to liquidate equity investments and the in-game economic system, as well as its management of complex token economic models.

5. Ledger

According to the Financial Times, Ledger is preparing for a major round of financing in 2026, and the company has benefited significantly as the focus on security narratives in the digital asset field heats up.

The French company said it has sold more than 6 million hardware wallets worldwide and has repositioned itself as a full-stack self-hosted platform through the Ledger Live app.

Its business has expanded into a number of recurring revenue products, including mnemonic recovery services, software integration, and institutional-level equipment management.

In 2025, Ledger signed a number of B2B cooperation agreements and increased investment in mobile wallet user experience, expanding its traditional advantages of \"cold storage\" into a wider range of consumer-grade financial technology products.

Against the backdrop of the resurgence of the concept of self-hosting and the decline in the crypto community\'s trust in centralized platforms, Ledger positions itself as the \"Apple of crypto security.\"

6. Bithumb

Bithumb plans to be listed on the Korea Stock Exchange by the end of 2025, marking its return to center stage after years of suppression by Upbit.

The Seoul-based exchange will regain 25% of its market share in 2024 through an aggressive zero-fee strategy and significantly increased marketing investment.

Bithumb has selected Samsung Securities as the underwriter for its IPO.

The company, once South Korea\'s largest exchange, was once marginalized by multiple hacking incidents and the rise of Upbit\'s partnership with banks. Today, Bithumb is consolidating its domestic recovery through localization strategies, license compliance and altcoin liquidity.

Although Bithumb has no international expansion plans, analysts believe that the listing will become an important proxy for South Korea\'s crypto demand-in a market dominated by retail investors, where daily trading volume of cryptocurrencies often exceeds that of the stock market.

South Korea has 18 million crypto users, and Bithumb\'s IPO may mark a new round of institutionalization in Asia\'s crypto market with the highest proportion of retail investors.